Gubra (GUBRA) Q1 2026 earnings summary

Executive summary

• Achieved significant expansion of lab and office facilities, strengthening clinical and development capabilities.

• Launched Gubra Ventures to accelerate value creation, biotech innovation, and explore new disease areas.

• Multiple partnered and internal assets, including ABBV-295 and BI 3034701, advancing to Phase 2 clinical trials in 2026.

• Submitted clinical trial application for GUB-UCN2, with first patient visit expected in H2 2026.

• CRO business showed sequential revenue growth but faces macroeconomic headwinds, especially from smaller biotech clients.

Financial highlights

• Group revenue for Q1 2026 was DKK 75.8 million, up from DKK 57.5 million in Q1 2025.

• Biotech segment revenue reached DKK 28.0 million in Q1 2026, up from DKK 6.9 million in Q1 2025, driven by a milestone from the Amylyx collaboration.

• CRO segment external revenue was DKK 47.7 million, down from DKK 50.6 million year-over-year but up 26% sequentially from Q4 2025.

• Group EBIT was DKK -41.3 million, an improvement from DKK -43.5 million in Q1 2025.

• Biotech EBIT improved to DKK -39.2 million from DKK -54.2 million year-over-year.

Outlook and guidance

• Biotech segment 2026 revenue guidance set at DKK 330-360 million, with total costs in the same range.

• CRO external revenue growth outlook for 2026 reduced to 0-10% (previously 5-15%), with EBIT margin guidance at 10-15% (previously 20-25%).

• Gubra Ventures and Gubra Green both guided to EBIT losses of DKK -5 to -10 million.

• Internal sales to Biotech expected at around DKK 50 million in 2026.